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THE European Union is ready to strike a Brexit deal within six to eight weeks, chief negotiator Michel Barnier has declared, sending the pound soaring.

Mr Barnier told a forum in Slovenia it is "realistic" to expect a divorce deal with Britain in six to eight weeks - suggesting the divorce could be settled by the week beginning October 15 - just in time for the EU Summit on October 18.

The EU chief negotiator said: "I think that if we are realistic we are able to reach an agreement on the first stage of the negotiation, which is the Brexit treaty, within 6 or 8 weeks.

"Taking into account the time necessary for the ratification process, the House of Commons on one side, the European Parliament and the Council on the other side ... we must reach an agreement before the beginning of November. I think it is possible."

Sterling jumped to a five-week high of $1.3052 on the report of Mr Barnier's comments, up around 1 percent on the day, and rose around 0.5 percent against the euro.

Former junior minister Steve Baker ward the Tories could face a split if Mrs May persists with her Chequers plan.

Mr Baker warned 80 MPs are prepared to vote against the Chequers blueprint. Downing Street insists there is no alternative to the agreement.

With 200 days until Britain leaves the EU, Mr Baker, a leading figure in the pro-Brexit Tory European Research Group, said the party's annual conference in Birmingham, starting on September 30, could prove a decisive moment as Mrs May is forced to acknowledge the scale of grassroots opposition to her proposals.

Mrs May's official spokesman said: "Chequers is the only plan on the table which will deliver on the will of the British people while avoiding a hard border in Northern Ireland.

"The Prime Minister is working hard to secure a deal and hopes all MPs will be able to support it."